Nonghyup joins up with Rainist for Banksalad appNonghyup Bank on Tuesday joined forces with Rainist, operator of the Banksalad personal finance management app, to cooperate on financial data ahead of the full implementation of the so-called three data bill, which passed in the Assembly in January.
The three data bill refers to revisions to the Personal Information Protection Act, information and communications Network Act and Protection of Credit Information Act, and relaxes regulations on the use of personal data, including credit ratings.
The finance industry hailed the revision, as it will allow financial companies to utilize pseudonymized personal data.
Through the partnership, Nonghyup Bank and Banksalad will share various kinds of financial services on offer via their own apps. Nonghyup will provide application program interfaces to Banksalad for seven types of financial activities, such as deposits, withdrawals and checking utility bills.
It will also offer services that compare loan interest rates. On Nonghyup Bank’s app, Banksalad will offer personal finance management services based on data.
“With Nonghyup’s app program interface infrastructure and the Rainist data-based personalized finance services, we will be able to provide personalized digital finance service in the future,” Lee Dae-hoon, CEO of Nonghyup Bank said.
By Jin Eun-soo
with the Korea JoongAng Daily
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